for the Period Ended 5 April 2021
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 5 April 2021
Principal activities of the company
Additional information
Review of business and future developments The Directors recognise the requirement to grow the assets of the Foundation in order to produce a reliable source of income whilst remaining mindful of the need to maintain a balance between accumulation and disbursements. The Foundation committed to making charitable and benevolent grants in the year of £228,231 (2020: £155,573). The Directors aim to ensure that the trading activities of the Foundation are profitable over the longer term and do not impinge upon the benevolent activities. The COVID-19 pandemic has had little impact on the benevolent grants. The financial investment portfolio has grown in line with markets, resulting in a return of £251,408 in the year (2020: £4,556). The Statement of Comprehensive Income for the year is set out on page 11. Principal risks and uncertainties The principal risk faced by the Foundation is the financial risk arising from the investments held by the Foundation. Investment assets are monitored to ensure that they meet the aims and objectives of the Board; data from investment managers is used to assist with this. Equity risk is managed through the careful selection of investment managers who have a sound track record and expertise in their chosen sector or geography. The financial assets are diversified to protect against adverse market movements in any one asset class or geographic location. Market risk arises from the valuation of the investment property and the rental income that can be derived therefrom. Credit risk is managed by monitoring the creditworthiness of the deposit holders. The investment property is currently leased to a related party, Western Provident Association Limited, on an arm's length basis. The Foundation has permitted the tenant to fit out the property to their bespoke needs and as such expects the lease to be renewed for the foreseeable future. The current lease runs to December 2029. Dividends and transfers to reserves The Memorandum of Association of the Foundation prohibits the distribution of reserves by way of dividend or in any other manner. The profit for the financial year has been transferred to retained earnings. Organisational structure, Directors and Director's interest The members of the Board at 5 April 2021 are the Directors of The WPA Benevolent Foundation Limited listed on page 1. Employees The Foundation does not have any employees; administration services are donated by Western Provident Association Limited
Directors
The directors shown below have held office during the whole of the period from
6 April 2020 to 5 April 2021
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2021 | 2020 | |
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| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | ( |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | | ( |
Interest receivable and similar income: | | |
Profit(or loss) before tax: | | ( |
Tax: | ( | ( |
Profit(or loss) for the financial year: | | ( |
As at
Notes | 2021 | 2020 | |
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| £ | £ | |
Fixed assets | |||
Investments: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Debtors: | 4 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 5 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Provision for liabilities: | ( | ( | |
Total net assets (liabilities): | | | |
Members' funds | |||
Profit and loss account: | | | |
Total members' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 5 April 2021
Basis of measurement and preparation
Turnover policy
Valuation information and policy
Other accounting policies
for the Period Ended 5 April 2021
2021 | 2020 | |
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Average number of employees during the period | | |
for the Period Ended 5 April 2021
7 Investment property 2021 2020 £ £Freehold valuation at start of year 742,500 575,000Revaluation – 167,500Freehold valuation at end of year 742,500 742,500 The property was valued as at 5 April 2021 by the Directors at open market value for existing use. The property was previously valued on an open market basis by Hartnell Taylor Cook, Chartered Surveyors and Valuers, on 5 April 2020, this valuation was carried out in accordance with the Royal Institute of Chartered Surveyors appraisal and Valuation Manual. The historical cost of the investment property is £227,044 (2020: £227,044).Included in revenue is twelve months rental income to 5 April 2021 relating to the investment property of £62,600 (2019: £50,278). Rental income has increased to £62,600 per annum effective 12 December 2019.
for the Period Ended 5 April 2021
2021 | 2020 | |
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£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Total | | |
for the Period Ended 5 April 2021
2021 | 2020 | |
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£ | £ | |
Taxation and social security | | |
Accruals and deferred income | | |
Total | | |
for the Period Ended 5 April 2021